it's nina dos santos in london. >> i'm sorry. i can't quite hear at the moment. let me try to ask you again, mark. >> breakup on the line here. >> briefly, how realistic is it to expect they'll be given the all-clear in 48 hours? >> this is going to be difficult. there's been 48,000 passengers have been inconvenienced by this. they are watching closely to see if the civil aviation authority will allow the planes back into the air. it comes at the worse time possible. it's school holidays in this country. travel plans have been thrown into chaos. and everybody is waiting to see if the talks will resolve the matter by saturday. at this stage, there's no implication for that deadline to be extended. right now, there's a lot of people very confused. a lot of people very angry that this has happened to them. they've made their plans. now, that option has disappeared. a lot of people are just waiting. the best they can hope for at the moment, is a refund. but there's going to be backlogs. and everybody can get in the sky as quickly as possible. for now, things are dist

i'm manisha tank in hong kong. >> and i'm nina dos santos at cnn in london.r toally velshi who's coming up soon and in the meantime "marketplace middle east" will be coming up next. announcer: when life's this hard, it's no wonder 7,000 students drop out every school day. visit boostup.org and help kids in your community stay in school. middle east," the creation of an islamic poois pipeline. iran announces the region's biggest ever gas deep. we count the cost of the turmoil in an exclusive interview with the country's finance minister. >>> iran signed a $10 billion memorandum of understanding with iraq and syria this week in the region's biggest ever natural gas deal. he calls for gas from iran to be exported by pipeline through iraq to sear yaus and even lebanon and it could eventually supply europe. i sat down with a veteran in the oil and gas industry who outlined how the project is expanding the region's energy role. >> from an economic and business point of view, you don't have the gas resources, and iraq itself needs it. iraq's own gas sources are not

. >>> i'm nina dos santos. thanks for joining us. these are the top stories on wednesday, july 20th. more light on some dark deeds. now uk legislators say news international deliberately tried to thwart a police probe into phone hacking. >> it's all over for yao ming as the most successful chinese player in the nba, calling it quits. >>> apple strikes another rally in the tech sector after another blow-out quarter. >>> media mogul rupert murdoch and his son faced certain questions from uk legislators. now the phone hacking saga rolls on with a new parliamentary report saying murdoch's news international, quote, deliberately tried to obstruct a police investigation into the now defunct "news of the world". in the meantime, prime minister david cameron is getting ready to make an emergency statement on this crisis after flying back early from a trade trip to south africa. >>> many of us here in hong kong watched that testimony and we stayed up pretty late to watch it. rupert murdoch denied any knowledge of phone hacking at the "news of

i'm manisha tank in hong kong. >>> and i'm nina dos santos in london.watching cnn, the world's news leader. good-bye for now. with your mortgage, want to avoid foreclosure. candy? um-- well, you know, you're in luck. we're experts in this sort of thing, mortgage rigamarole, whatnot. why don't we get a contract? who wants a contract? [honks horn] [circus music plays] here you go, pete. thanks, betty. betty: we're out of toner. announcer: if you're facing foreclosure, talk to the right people. speak with hud-approved housing counselors free of charge at...

i'm nina dos santos at cnn london. >> and i'm manisha tank at cnn hong kong.ping the top business stories at this hour, european markets are up strongly this friday, agreeing to give greece a second bailout and they've decided to lower interest rates on all bailout loans, lengthen the repayment periods and give them new. >> they discussed a framework of a deal to raise the u.s. debt limit. but some democrats say that they feel rushed and that they won't like any agreement that doesn't include tax increases alongside spending cuts. >>> and top news corp. executive james murdoch is denying he was mistaken when he testified to a parliamentary committee that he did not know about an e-mail. they say they told murdoch about the e-mail which apparently showed that more than one journalist was hacking phoneses. >>> let's go straight to the european markets. we're 19 minutes into the trading session and broadly speaking these markets reacting positively to the news out of brussels last night when eu ministers decided to agree to a second bailout pack ang for grease. h

i'm nina dos santos. more advertisers consider pulling the plug as britain's tabloids is hacked. >>> and touching a raw nerve. we'll tell you why japan's meat eating carnival girls have a beef with the boys. >>> first up, though, let's take a look at the markets. it's been a mixed day for asia's stock markets. banking stocks sunk in china. here in europe we had a down beat start to the day. european stock markets have been open for slightly more than an hour at the moment, and as you can see, most of them firmly stuck in the red at the moment. >>> and let's have a look at the currencies because on the currencies front the euro is down by three-tenths of one u.s. dollar. a little under 81 as you can see at the moment. 80.80 is where we stand. in asia it was a mixed day on the stock markets. in tokyo the nikkie closed up 1.10%. not only did the index hit the highest level since the earthquake on march the 11th, but today's gains gave the nikkei the longest winning streak for two years. it was a different st

i'm manisha tank in hong kong. >> and i'm nina dos santos in london. good-bye for now.

i'm nina dos santos. >> i'm aneesh shah tank. >>> timing running out for a u.s. debt deal. who's got the most to lose if the country goes into default? >> one cred et rating agency has already downgraded u.s. debt. we'll speak to its ceo. >>> three years and $15 billion later we look back at china's lichl picks as the countdown begins to the games in london. >> first, the clock is continuing to count down in washington. just six days to go until a possible u.s. default unless lawmakers can come to some or the of agreement on raising the debt ceiling. a vote on republican john boehner's bill has been expected on wednesday, but it did run into opposition from his own party and now as a result it's already being rewritten. this is coming after republicans complained it didn't cut spending and deficits as much as originally expected. a vote is likely to take place on thursday at the earliest. in the meantime with a default looming, a compromise is loong more appealing to some. conservative senate republican leader mitch mcconnell is calling for new negotiations with president b

. >>> from rome and hong kong, i'm pauline chu with nina dos santos. welcome back to "world business today." on this thursday in italy, italy is struggling to get its massive debt under control. italian senators are expected to approve an austerity plan that could be worth more than $70 billion. italy is also auctioning off billions of dollars in bonds. no one thinks there's a chance italy will default on its debt but the bank of italy's governor says the long-term solution to the country's indebtedness is dramatic financial reform. >> i think there is no credible alternative to a determined european action of the stuff that leaders are discussing to credible fiscal consolidation in the various countries. and to structure reforms that could revamp growth, especially in the weakest parts of the area. >> many bankers and other business people in rome tell nina that they believe austerity is the only way forward but for many people there austerity may also mean getting used to changes and their expectations of what the government provides. nina, that incl

let's go to nina dos santos in london. you are ahead of everybody on this. you've been looking at bond yields, now you're looking at currencies and how people are shifting out of the dollar out of concern for what might happen. tell me what you're seeing. >> over the course of the last 30 years or so, of course, the u.s. dollar has been the traditional safe place to put your money, hasn't it, ali? that seems to be changing as everybody gets increasingly concerned about the potential risk of a technical default by the united states. one of the beneficiaries has been the markets of gold. gold is traditionally the safe haven. it's now surpassed yet another record this week, competing $1,623 an ounce. what traders have been telling me, ali, is at that price it's already a rather expensive investment. that's one of the reasons why people are taking their dollar money out of the dollar and also putting it into other currencies that are deemed particularly safe. notably the swiss frank which has risen to another record against the greenback and other interesting cu

. >>> good morning from cnn london, i'm nina dos santos. >> and a very good afternoon from cnn hong kong. i'm andrew stevens. welcome to "world business today." these are our top stories on monday, the fourth of july. the invisitors welcome a change of leadership, and the prospect of renewed stability and grouktd. >> tiger airways tanks when there's talks of substandard safety. >> and harry potter fans are on a marathon stamina. before that, let's take you to the stock markets. firsthand asia, solid gains as concerns about the u.s. recovery and greece's debt fades. things are off to something of a seesaw start and living large on the horizon, we get the big monthly jobs number out of the u.s. let's get to europe. nina, how's it looking? >> well, european stock markets, an drew, seem to have been taking their cues from asia, but starting out, generally speak, of an optimistic note. the eu's approval has eased some investors' worries. we'll have more of that in just a moment, but taking a look at the markets as you can see, it's broadly speaking a mixed picture. the cac 40 down but we have

. >>> from cnn london, i'm nina dos santos. >> welcome back to "world business today." let's get straight to the markets. just give you a snapshot of how things look. it was a weak session in asia. but there is optimism, merging france and germany. reaching a second bailout for greece. all eyes on that. >> absolutely. it's a pivotal day for the markets and for positions in brussels, as well. angela merkel and the french president, nicolas sarkozy will provide details of this agreement. the agreement that's been proposed between the two. an emergency summit in brussels today. as we speak, in fact. leaders of the 17 euro nations will be there. as does our jim boulden who joins us live from the belgium capital. these negotiations seem complicated. one thing the markets want to know. either way it goes, will it be enough that the euro zone has? >> yeah because we're talking about two, different issues. of course, they're closely related. but there's the bailout for greece. the second bailout. that will be something like another $150 billion. that seems to be a consensus tha

. >> i'm nina dos santos at rome. here are the top stories on wednesday, july 13th. italians set their differences aside to pass painful austerity measures, but bankers are still betting on a bailout. >>> china's economy cools slightly, but still hot enough to beat the forecast. >>> uk lawmakers close ranks to try and block news corp's bid for bskyb. first up though here in the italian capital, the government is preparing to speak to parliament for a marathon debate over the next couple days, designed to gain the necessary approval for painful austerity measures. these are ones designed to prevent this country from becoming the fourth eurozone nature to go cap in hand to the imf, the eu and the ecb. pauline. >>> european stock market investors are watching italy's debt crisis very closely. here is where they stand at the moment. let's take a look at the moment. the london ftse making some gains, so is the xetra dax t. zurich smi is pretty much flat at the moment on this wednesday morning. nina? >>> pauline, of course, the effects of italy's debt crisis are being next

. >>> from cnn london i'm nina dos santos. >> and i'm manisha tank.ome back to "world business today." top story, rupert murdoch will be facing uk lawmakers in a few hours, as the tabloid hacking scandal spreads to the top level of news corp. the 80-year-old has been at the helm for the past 50 years. >> murdoch will be testifying alongside his son, james, and as dan rivers reports now it's the moment that could define his entire empire's future. ♪ >> reporter: when big ben strikes 2:30 in london the bell will be tolling for rupert murdoch, his son james and former chief executive rebekah brooks. their appearance may be the most important for the most entire careers. rebekah brooks may be unable to shed light on what really happened. john prescott think rupert murdoch's got a lot to answer for. >> everybody is scared to do death that he doesn't like so he's the spider in the middle of the when and it's about time we took him on. >> reporter: the chairman in charge of the xwriling is keen to hear why the company previously told him phone hacking was ju

let's go to nina dos santos live from london. na, this is coming after a strong warning from the international monetary fund about the debt crisis in europe? >> the imf issuing some strong words for eu leaders just ahead of tomorrow's summit, ali because they'll be trying to hammer out a second bailout for greece tomorrow when they meet. let's also take a look at why this should be concerning some of our viewers. a lot of economists have been saying that they're worried about this greece issue bays it undermines the stability of the euro which is a major trade in currency around the world. economists telling me it's not a good time to have worries about the euro because you've got worries about the u.s. dollar when it comes to the debacle when it comes to raising the debt ceiling ahead of august 2nd. >> a lot of things investors have to digest today, the strong markets yesterday largely had to do with earnings reports in the united states. one stock we've seen do nothing but lose value for the last couple weeks did quite well yest

ninas do santos is covering this from london.ood morning, nina, give us a sense, you've been following debt bond yields in europe and their responses to the euro zone crisis. how does that relate to how bond investors are going to see the debt ceiling discussions in the united states? >> well, if anything, we can use, for instance, some of the countries that are running the risk of a default, for instance, greece as an example of the ramifications the u.s. faces if it doesn't manage to nail down the debt ceiling issue and to try and avoid a default. greek yields have been in the double digits for ages really, and what we're seeing at the moment yields on u.s. treasuries rising in response to the ongoing concerns about hammering out a plan to tackle that 14.3 tlts ceiling in the united states and raise it. on the stock markets, we do have some stock markets opening lower. ftse 100 edging back into positive territory finally after about an hour and a half of losses. one bright spot i want to bring you up to date with, is gold. the

nina dos santos, cnn, london. >> we've been following celebrity reaction to winehouse's death.ere are a few more comments posted on twitter. lady gaga tweets, amy changed pop music forever. i remember knowing there was hope and feeling not alone because of her. she lived jazz. she lived the blues. pop star rihanna tweets, dear god have mercy, i am sick about this right now. and this from kelly osborne. i can't even breathe right now. i just lost one of my best friends. i love you forever, amy, and will never forget the real you. >>> back to norway. tomorrow the legal process begins for the one man accused of a bombing and shooting attack that left 93 people dead in norway. but today the people of that shocked nation led by their king and queen simply shed tears. cnn's diana magnay reports. ♪ >> reporter: grieving norwegians led by their ashened-face king and queen remember their dead in a service. the prime minister told mourners the past two days had felt like an eternity. >> translator: filled with shock, grief, fury and tears. today is a time for grief. today will allow us t

we are live in hong kong and nina dos santos is live in london.n, people negotiating this thing were saying, we have to keep a close eye on what happens in asia. the markets are now a participant in this debt drama, aren't they? >> yeah. they very much are. some of the -- the highest number of the u.s. treasury holdest in the world, they've been watching this, wanted to wake up monday morning and see there was a deal. no deal. what was the reaction on the markets? it was quite muted and we had domestic news around the region that probably had more of an impact on some stock markets like in shanghai. in japan, down 0 .8% for the close. there are few stocks indicative of some of the concerns people here have about the credibility of the u.s. economy as a whole right now and people punching that word around downgrade, what happens if there is a downgrade, no matter what happens of u.s. debt. what are the implications. we had toyota as one example down 1.5%, and honda, which sells some 44% of its cars to the north american market, also under pressure.

. >> nina dos santos joins us. >> looking at the u.s.ction about the uncertainty on the debt ceiling, even if you're not seeing stock markets move, watch it in commodities and the dollar. >> obviously the dollar has been on a downward trajectory in the best part of the last year, down against the major peers since june 2010. it's fallen about 17%. that gives you an idea of how much this once safe currency has been grabbed by the jitters in the market. obviously as talk of a potential technical default by the united states continues to intensify, what we've got is a lot of people heading for the hills, heading for those safe havens and, of course, the ultimate safehaven the commodity gold. this precious metal pushing to other records, trading at $1,624 an ounce. what traders have been telling me in london, that kind of price is, perhaps, just a little bit too expensive to buy. so people have been putting their money in other currencies, notably the swiss franc which hit another record against the greenback yesterday. and we've got surpris